Congruex, an emerging company focused on developing a nationwide platform to deliver engineering, construction and maintenance services to broadband providers and utilities, has completed its first acquisition of C.C.L.D Technologies.
While financial terms of the deal were not disclosed, the acquisition is being supported by Congruex’s partnership with venture capitalist firm Crestview Partners, which has experience in backing several cable, telecom and business service-focused companies.
As part of the agreement Crestview and Congruex’s management team established this May, the two companies have agreed to fund $200 million of equity to its new construction platform which will result in a total investment of about $500 million.
Congruex and Crestview said that these funds will be used to “consolidate the highly fragmented sector against a backdrop of increased broadband infrastructure spending.”
By acquiring Buford, Georgia-based C.C.L.D., Congruex will gain additional outside plant (OSP) telecommunications contracting capabilities. C.C.L.D. currently operates across four lines of business: construction, engineering and design, Unmanned Aerial Vehicle (UAV) services, and disaster recovery network services.
The company, which provides engineering and has also developed applications of Light Detection and Ranging (LiDAR) for OSP engineering. The firm engages in engineering and construction of large project work for many large U.S. broadband providers.
While C.C.L.D. is Congruex’s first acquisition, it surely won’t be its last.
Bill Beans, CEO of Congruex, said in a release that it has a pipeline of other similar acquisition targets related to the OSP area.
"We are currently evaluating a host of further exciting acquisition opportunities that will empower Congruex to perform nationwide turnkey design, development and construction through our program management resource of outside plant fiber projects,” Beans said.
Congruex may be a new entrant in the network construction business, challenging larger established players like Dycom and MasTec, but the company’s founders Bill Beans and Kevin O’Hara have plenty of experience from their roles at early pioneering fiber providers like Level 3 and ICG Communications.